German police conduct searches in probe of real estate firm

German prosecutors and police on Wednesday conducted searches at several properties as part of an investigation into suspects at an unnamed listed real estate company, according to the Frankfurt prosecutor's office.

Twenty offices and apartments as well as a law firm in Germany, Austria, the Netherlands, Portugal, Monaco, Luxembourg and Britain were searched as part of the probe, it said in a statement.

Several current and former board members of the Berlin-headquartered real estate company are suspected of misrepresenting balance sheets or supporting others doing so between 2018 and 2020.

They are under suspicion of false accounting, market manipulation and breach of trust, according to the prosecutor's statement.